Does such a thing as the cheapest landlord insurance exist?
Finding the cheapest landlord insurance that is also appropriate for your unique set of circumstances, may depend on a number of factors:
- the first of these may be the acknowledgement that there may be aspects to your search other than just looking at the price of any particular policy;
- different landlords have different properties, different tenants and different views about what they may need from buy to let landlords insurance. This means that what may be the cheapest landlords insurance for one may not be cheap or appropriate for you or any other landlord;
- you may find that the policies on offer may typically be designed to reflect these different requirements by providing varied levels of cover;
- some policies may provide cover as standard for damage caused by subsidence and this may not be as common a feature as it once may have been;
- vacant home insurance requirements may differ from policy to policy but you may typically find that this type of cover, known as unoccupied property insurance, is required if your property is standing empty for a period in excess of 30 days;
- if you are worried about facing a bill for repair work following intervention and damage caused by a tradesman while they were fixing a problem caused by one of the insured events, like fires, floods, storms etc, then a policy with trace and access cover may be important for your peace of mind;
- different policies may make different provision for your loss of rental income if your tenants have to move out of your property after it has been damaged and you need to have some repair work done. Provided that the damage concerned was caused by an insured event, then compensation up to a defined limit may be available;
- part of being successful in finding the cheapest landlord insurance may be investigating the opportunities for premium discounts. If you are prepared to accept a higher voluntary excess, for example, with some providers, such as ourselves, discounts of up to 40% may be available;
- not all policies may offer cover for your property if you let to certain types of tenants, though there are some that may cover all categories including students, DSS recipients and immigrants;
- if someone decides to sue you for damages or injuries that they have suffered, which they believe is attributable to your property, then any court awards might be very high indeed. Public liability cover may vary considerably from policy to policy and you may need to satisfy yourself that what is on offer from the cheapest landlord insurance is acceptable to you.